CSWC — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

Model	Intrinsic Value	vs Price ($21.87)
DCF	$456.58	+1987.7%
Graham Number	$26.11	+19.4%
Reverse DCF	—	implied g: 12.4%
DDM	$52.74	+141.1%
EV/EBITDA	$21.87	-0.0%

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $87.00M

Near-term growth (yrs 1–5)(%)Rev: 18.2% / EPS: 59.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.73%

Computed WACC: 4.73%

Cost of equity (Re)8.60%(Rf 4.30% + β 0.78 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)54.98%

Debt weight (D/V)45.02%

Results

Intrinsic Value / share$1711.76

Current Price$21.87

Upside / Downside+7727.0%

Net Debt (used)$1.04B

Sensitivity: WACC (rows) × Near-term g (cols)

WACC \ Near-term	51.4%	55.4%	59.4%	63.4%	67.4%
7.0%	$570.47	$651.42	$741.10	$840.20	$949.42
8.0%	$439.61	$502.36	$571.86	$648.65	$733.28
9.0%	$350.46	$400.81	$456.58	$518.17	$586.05
10.0%	$286.23	$327.66	$373.53	$424.19	$480.01
11.0%	$238.05	$272.78	$311.23	$353.70	$400.47

2 — Graham Number

Assumptions

MultiplierGraham used 22.5 (15× P/E × 1.5× P/B)

EPS (trailing)($)Yahoo: $1.81

Book Value / share($)Yahoo: $16.75

Results

Graham Number$26.11

Current Price$21.87

Margin of Safety+19.4%

Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.73%

Terminal growth rate(%)

Computed WACC: 4.73%

Cost of equity (Re)8.60%(Rf 4.30% + β 0.78 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)54.98%

Debt weight (D/V)45.02%

Results

Current Price$21.87

Implied Near-term FCF Growth-4.4%

Historical Revenue Growth18.2%

Historical Earnings Growth59.4%

Base FCF (TTM)$87.00M

Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Annual dividend D0($/share)Yahoo: $2.56

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$52.74

Current Price$21.87

Upside / Downside+141.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $201.26M

Target EV/EBITDA multipleCurrent: 11.7×

Net Debt($B)Default: $1.04B

Results

Implied Equity Value / share$21.87

Current Price$21.87

Upside / Downside-0.0%

Implied EV$2.35B

Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)

Mult \ Net Debt	$1.04B	$1.04B	$1.04B	$1.04B	$1.04B
7.7x	$8.49	$8.49	$8.49	$8.49	$8.49
9.7x	$15.18	$15.18	$15.18	$15.18	$15.18
11.7x	$21.87	$21.87	$21.87	$21.87	$21.87
13.7x	$28.56	$28.56	$28.56	$28.56	$28.56
15.7x	$35.25	$35.25	$35.25	$35.25	$35.25

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